UK: CBI Industrial Trends - Total Orders at -5 in April vs 3 expected
The Confederation of British Industry's latest 'Industrial Trends Survey - Total Orders' came in at -5 in April following March's 1 reading and fell short of the market expectation of 3. According to the CBI, a reading below 0 indicates pessimism.
Other details of the report revealed that Business Optimism improved slightly to -13 from -23 and Selling Prices fell to 1 to miss the analysts' estimate of 8.
Commenting on the performance of the manufacturing sector, “It’s encouraging that securing a Brexit extension has removed the cliff edge of a no-deal for now. However, it does not give manufacturers the longer-term certainty that they desperately need to invest in their businesses. For the good of the UK manufacturing sector, politicians must use this time well and come back with a renewed effort to get a deal over the line,” Rain Newton-Smith, CBI Chief Economist, said.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
